60 new jobs as AppLearn secures Silicon Valley funding

AppLearn - CFO Adam Prickett (left) and CEO Andrew Avanessian

Manchester tech firm AppLearn has secured funding from one of California’s high-tech banks and is set to create 60 jobs.

The funding from Silicon Valley Bank (SVB) and NPIF – Maven Equity Finance, managed by Maven Capital Partners (Maven) and part of the Northern Powerhouse Investment Fund (NPIF), will help AppLearn to scale its international reach.

The company, which also has offices in Boston and San Francisco, has customers in 100 countries and the funding will see AppLearn’s flagship Digital Adoption platform (DAP) product, Adopt, launched into new territories such as South Africa.

It will also accelerate the company’s presence in the North American market.

A DAP is a layer of software that integrates with other applications, intuitively learning how users interact with it.

It gathers data to provide to users through tasks and functions within an app.

The financing from SVB and NPIF- Maven Equity Finance follows an investment into AppLearn from California-based K1 Investment Management in September 2019.

As a result of this investment, the company has gone on to substantial growth.

AppLearn is led by CEO Andrew Avanessian, who joined the business in 2019 and was formerly COO at cyber security company Avecto.

He said: “The strides we have made in the digital adoption market over the last three years has placed AppLearn on the cusp of transformative growth. This funding now enables us to put in place the foundations to fuel our ambitious international strategy and growth plans.

“The global appetite for digital adoption is rapidly advancing, in no small part due to the events of last year.

“With an increasing number of businesses accelerating their digital transformation journeys, global IT spending is expected to reach $4 trillion this year. AppLearn is in a prime position to bring our technology to this ever-expanding market, and we’re excited to be doing this with NPIF – Maven and Silicon Valley Bank’s backing.”

Dean Cox, Senior Investment Manager at Maven, said: “AppLearn is addressing a genuine need in in the industry for digital transformation services. The business is well placed to take advantage of the current migration to a digital economy and leverage off the new challenges facing enterprises today.” 

Ben Tickler, Director of Venture and Growth at Silicon Valley Bank UK Branch, added: “It is great to see further funding in Manchester’s innovation ecosystem and we look forward to watching the team continue to grow, build, and scale.”

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